Crypto
Pendle replaces governance token citing low adoption
DeFi protocol Pendle is abolishing vePENDLE and rolling out sPENDLE as a new governance and rewards token, Cointelegraph reported on Monday. Pendle said the existing vePENDLE structure limited scalability because of long lockups, non-transferability and complex governance. sPENDLE will have a 14-day unstaking period and charge a 5 percent fee for immediate withdrawals. sPENDLE staking starts on the 23rd, and vePENDLE locks stop on the 29th, when a new governance structure takes effect.
